Education
About Us
Working with TipRanks
Follow Us
Voltalia SA (FR:VLTSA)
:VLTSA
Top Page
Voltalia
(VLTSA)
Select Model
Select Model
Rating:41Neutral
Price Target:
€6.00
▼(-4.46% Downside)
Action:ReiteratedDate:03/13/26
The score is held down primarily by weakened financial performance (wider losses, higher leverage, and persistent negative free cash flow). Technicals also remain soft with price below major moving averages and negative MACD. The earnings call adds some longer-term upside via the SPRING transformation plan, but near-term guidance and commentary point to continued profitability pressure, limiting the overall score.
Positive Factors
Diversified business model
Voltalia’s dual model—asset ownership with contracted generation plus EPC/O&M services—creates diversified revenue streams. Contracted generation provides recurring cash flow while services deliver project-phase and recurring fees, reducing single-source risk and supporting medium-term resilience to project timing.
Increasing installed capacity & production
A growing asset base (3.3 GW) and 14% production increase expand the company’s revenue-generating footprint and contracted supply potential. This scale supports structural revenue floors, improves utilization and provides operating leverage that can sustain cash generation as more capacity enters stable operations.
SPRING strategic plan for self-financed growth
The SPRING plan targets self-financed annual growth and margin improvements while focusing on core technologies and geographies. If executed, it reduces external funding reliance, clarifies operational priorities, and sets measurable targets for EBITDA and net debt ratios—structural levers to improve financial durability.
Negative Factors
High and rising leverage
Leverage has increased materially, reducing balance sheet flexibility and raising refinancing and interest-rate sensitivity. A debt-to-equity ratio moving to ~2.61x from much lower levels indicates persistent reliance on debt financing and elevates the company’s vulnerability to earnings shortfalls or tighter credit conditions over the medium term.
Persistent negative free cash flow
Consistent negative free cash flow despite positive operating cash flow erosion signals heavy capex and/or working-capital strain. This means growth isn’t self-funded, increasing reliance on external financing or asset sales and raising liquidity and refinancing risk that constrains deleveraging and strategic optionality.
Worsening profitability and expected losses
Revenue growth has not translated to net profitability: margins deteriorated sharply and services reported negative EBITDA. With curtailment headwinds and planned restructuring, expected further losses impair internal cash generation and make meeting SPRING’s profitability targets more challenging over the medium term.
Voltalia (VLTSA) vs. iShares MSCI France ETF (EWQ)
Market Cap
€823.65M
Dividend YieldN/A
Average Volume (3M)105.11K
Price to Earnings (P/E)―
Beta (1Y)0.61
Revenue Growth1.76%
EPS Growth-234.79%
CountryFR
Employees2,030
SectorUtilities
Sector Strength65
IndustryRenewable Utilities
Share Statistics
EPS (TTM)-0.67
Shares Outstanding131,318,710
10 Day Avg. Volume83,079
30 Day Avg. Volume105,108
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)1.07
Price to Sales (P/S)1.74
P/FCF Ratio-3.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€9.00Price Target Upside43.31% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.07
Revenue Forecast (FY)€618.70M
Voltalia Business Overview & Revenue Model
Company DescriptionVoltalia SA engages in the production of electricity from renewable energy sources. It operates through two segments, Energy Sales and Services. The company develops, constructs, operates, and maintains wind, solar, hydro, and biomass power plants. It also develops and sells projects, and procures equipment for solar power plants, as well as provides maintenance service. As of December 31, 2021, the company operated solar power plant with an installed capacity of 98 MW. It operates in Africa, the Middle East, Asia, other Europe, Brazil, and Latin America. The company was incorporated in 2005 and is headquartered in Paris, France. Voltalia SA is a subsidiary of Voltalia Investissement SA.
How the Company Makes MoneyVoltalia makes money through two main avenues: (1) electricity generation from assets it owns/operates and (2) services delivered to third parties. For generation, it earns revenue by selling the electricity produced by its renewable plants, typically under long-term power purchase agreements (PPAs) or other regulated/contracted offtake structures (where applicable), which provide recurring, largely contracted cash flows over the life of projects. These revenues depend on installed capacity, plant availability, resource conditions (wind/solar/hydrology), and the pricing/terms set in PPAs or market arrangements. For services, Voltalia earns fees by providing development, engineering, procurement, construction (EPC), and operations & maintenance (O&M)/asset management services for renewable projects owned by other investors; this creates project-based revenue during construction and recurring service revenue during operations. Additional earnings can come from the sale/transfer of developed projects or stakes to partners/investors (when the company chooses to monetize projects), though specific frequency or contribution is not available here (null). Key factors influencing earnings include the size and performance of its generation portfolio, the volume of third-party projects under construction or under O&M contracts, access to project financing, and the ability to secure long-term offtake contracts with utilities, corporates, or public entities.
Voltalia Earnings Call Summary
Earnings Call Date:Sep 04, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Sep 30, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted Voltalia's strategic transformation plan aimed at self-financed growth and increasing capacity, alongside maintaining a strong cash position. However, the company is facing profitability pressures with reported losses, challenges with curtailment, and negative EBITDA from service activities. Despite future objectives being set, the expectation of further losses in the second half of 2025 presents a challenging outlook.Q2-2025 Updates
Positive Updates
Capacity and Production Growth
Voltalia reported an increase in capacity in operation and construction to 3.3 gigawatts, a 7% rise from last year, with production growing by 14% to reach 2.4 terawatt-hours.
Turnover Increase
Total turnover increased by 8% to EUR 257 million, supported by a EUR 35 million contribution from the services sector.
Strategic Transformation Plan - SPRING
Voltalia introduced SPRING, a 5-year plan aimed at achieving self-financed growth of 300 to 400 megawatts per year until 2030, enhancing profitability and efficiency.
Cash Position
The company maintains a solid cash position with EUR 235 million in cash at the end of June 2025.
Future Objectives
Voltalia confirmed its operational objectives for 2025, targeting a capacity of 3.6 gigawatts and production of 5.2 terawatt-hours, with an EBITDA range of EUR 200 million to EUR 220 million by year-end.
Negative Updates
Profitability Pressure and Loss
Voltalia reported a loss of EUR 40 million for the half year, with EBITDA remaining stable at EUR 78 million. Profitability remains under pressure with significant noncurrent expenses and financial results decreasing by 7%.
Curtailment Challenges
Curtailment has been a major issue, with year-to-date curtailment reaching 14%, surpassing the forecasted 10%. The company is actively working on solutions but has not yet accrued compensation in financials.
Negative Service Activity EBITDA
The service activity reported a negative EBITDA of EUR 6.6 million despite a 50% increase in turnover, attributed to ongoing sales and M&A projects that have not yet been recognized.
Expected Net Loss for Second Half
Voltalia anticipates a more significant net loss for the second half of 2025 due to pipeline rationalization, restructuring costs, and exiting noncore activities.
Company Guidance
During the call, Voltalia provided guidance for its 2025 fiscal year, outlining several key metrics and strategic initiatives. The company reported a 7% increase in capacity, totaling 3.3 gigawatts, and an 8% rise in turnover to EUR 257 million, although EBITDA remained stable at EUR 78 million, resulting in a loss of EUR 40 million. Voltalia is embarking on a 5-year strategic plan called SPRING, aiming for self-financed growth of 300 to 400 megawatts annually until 2030. The plan focuses on improving profitability, with an EBITDA target of EUR 200 million to EUR 220 million by year-end 2025. The company plans to concentrate on core geographies and technologies, such as solar, onshore wind, and storage, while exiting noncore activities. Additionally, Voltalia aims to streamline operations to achieve an EBITDA margin of 70-72% in energy sales and 9-11% in services by 2030, with a net debt-to-EBITDA ratio target of 7.5x to 8x by the same year. The company also anticipates resuming dividend payments in 2028.Voltalia Financial Statement Overview
Summary
Financials are pressured: profitability deteriorated sharply (2025 net margin -21.8% vs. -3.8% in 2024), leverage increased materially (debt-to-equity ~2.61x with declining equity), and free cash flow is deeply negative (-€264M in 2025) with operating cash flow falling to ~€51M.Income Statement
Revenue is growing, but profitability has weakened materially. Sales rose to €588M in 2025 (+6%), yet net losses widened sharply (net margin -21.8% in 2025 vs. -3.8% in 2024 and +6.0% in 2023). Operating profitability also compressed meaningfully, with EBIT margin dropping to ~3.9% in 2025 from ~19.9% in 2024, signaling higher costs and/or pricing pressure. EBITDA remains positive (~28.1% margin in 2025), but the overall earnings trajectory has turned unfavorable.44
Neutral
Balance Sheet
Leverage is the key constraint. Total debt increased to ~€2.49B in 2025 while equity declined to ~€0.95B, pushing debt to equity to ~2.61x (up from ~2.12x in 2024 and ~1.07x in 2022). Assets have grown (~€4.19B in 2025), but the rising leverage and shrinking equity base reduce balance-sheet flexibility and increase sensitivity to earnings and funding conditions.35
Negative
Cash Flow
Cash generation is weak relative to investment needs. Operating cash flow was positive in 2025 (~€51M) but fell sharply from 2024 (~€179M), and it is small versus the scale of the business and debt load. Free cash flow is consistently negative and deteriorated again in 2025 (-€264M), indicating heavy capital spending and/or working-capital strain that is not being self-funded. The combination of losses and persistent cash burn elevates refinancing and liquidity risk over time.28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 588.00M | 547.00M | 495.18M | 465.94M | 358.67M |
| Gross Profit | 244.00M | 490.00M | 424.18M | 96.59M | 78.77M |
| EBITDA | 165.00M | 235.00M | 249.00M | 153.56M | 129.61M |
| Net Income | -128.00M | -21.00M | 29.63M | -7.17M | -1.32M |
Balance Sheet | |||||
| Total Assets | 4.19B | 3.96B | 3.82B | 3.04B | 2.11B |
| Cash, Cash Equivalents and Short-Term Investments | 315.00M | 391.00M | 318.55M | 383.56M | 302.20M |
| Total Debt | 2.49B | 2.26B | 1.86B | 1.31B | 1.03B |
| Total Liabilities | 3.13B | 2.79B | 2.43B | 1.70B | 1.38B |
| Stockholders Equity | 954.00M | 1.06B | 1.26B | 1.23B | 671.80M |
Cash Flow | |||||
| Free Cash Flow | -264.00M | -338.00M | -578.68M | -557.34M | -306.09M |
| Operating Cash Flow | 51.00M | 179.00M | 115.50M | -13.93M | 100.21M |
| Investing Cash Flow | -458.00M | -440.00M | -682.11M | -536.39M | -300.56M |
| Financing Cash Flow | 374.00M | 329.00M | 495.63M | 614.22M | 268.13M |
Voltalia Technical Analysis
Negative
6.28
Price Trends
7.15
Negative
7.23
Negative
7.48
Negative
Market Momentum
-0.15
Positive
27.31
Positive
29.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:VLTSA, the sentiment is Negative. The current price of 6.28 is below the 20-day moving average (MA) of 6.89, below the 50-day MA of 7.15, and below the 200-day MA of 7.48, indicating a bearish trend. The MACD of -0.15 indicates Positive momentum. The RSI at 27.31 is Positive, neither overbought nor oversold. The STOCH value of 29.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:VLTSA.
Voltalia Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | €1.60B | 8.39 | ― | 6.15% | -12.83% | 10.40% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
53 Neutral | €578.79M | 26.50 | 12.51% | 1.69% | 14.77% | 33.13% | |
47 Neutral | €54.40M | -2.73 | -14.33% | ― | 257.28% | -21.96% | |
45 Neutral | €122.11M | -1.85 | ― | ― | 209.99% | -16.49% | |
41 Neutral | €823.65M | -7.99 | -3.36% | ― | 1.76% | -234.79% |
* Utilities Sector Average
FR:VLTSA
Voltalia
6.28
-0.92
-12.78%
FR:SCHP
Seche Environnement
74.20
-3.50
-4.50%
FR:HDF
Hydrogene de France
3.70
-2.81
-43.16%
FR:ALESE
Entech SA
9.48
1.74
22.48%
FR:ELEC
Electricite de Strasbourg SA
223.00
93.86
72.68%
FR:LHYFE
Lhyfe SA
2.54
-0.70
-21.60%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.